From epoch 2,683,348 (March 14, 3:14PM UTC), the Filecoin blockchain has been able to support smart contracts and user programmability through FVM. This will unlock the huge potential of the open data economy.
This is a memorable page on Filecoin's broad roadmap. Filecoin's vision is to bring open, publicly verifiable features to the three core pillars supporting the data economy (storage, computation, content distribution).
Through FVM, developers can deploy smart contracts and plan data storage, governance, and ways to monetize in the public market. As phones begin to become "smart," the ability to write and run app applications makes the devices far more practical than the functionality of pre-installed software.
The space for freedom and innovation allows smartphones to begin to control the world. Similarly, through FVM, developers can deploy smart contracts and plan data storage, governance, and ways to monetize in the public market.
The release of FVM also marks the final stage of Filecoin's major plan. The plan aims to bring the ability to perform large-scale data computation and empower network-level applications to the world's largest decentralized storage network.
The release of FVM also solidifies Filecoin's unique position as an L1 layer protocol supporting the open data economy. Many leading Web3 projects have announced plans to use, support, or integrate FVM to upgrade their services.
Unlocking the Open Data Economy for Web3
FVM not only brings us closer to robust and available distributed cloud services, but also allows us to enable thousands of developers, storage providers, entrepreneurs, and other global network participants to have access to the data economy in unprecedented ways and reward individual contributions.
For example, the AI tool Waterlily, which generates specific art-style images based on prompts, will use tokens to directly reward the creators of original AI training data.
Over the past few months, after experimenting, iterating, and strengthening solutions on the Filecoin test network, more than 150 development teams have begun deploying products and services using FVM on the Filecoin main network, and Waterlily is one of them. The ability to deploy products and services based on FVM, such as DataDAOs and dApps (some of which were previously difficult to build), has inspired over 16,000 developers in the Filecoin ecosystem.
FVM also brings the Web3 world closer to the Filecoin ecosystem: the first runtime launched on FVM is the well-known EVM virtual machine. Although over time, other virtual machine runtimes will be launched on FVM, choosing EVM first is a tribute to friends in the Ethereum ecosystem and their vibrant developer tool community and tool ecosystem.
The entire Filecoin community warmly welcomes integration solutions brought by projects such as Ankr, Axelar, Brave, Celer, Ocean, Sushi, and Tellor.
"We are excited to integrate FVM and leverage its powerful smart contract capabilities to enhance Sushiswap. Through FVM, we can unlock the forefront of decentralized finance, providing users with more innovative and efficient solutions. We are excited to continue working with the Filecoin team to build the future of DeFi." - Jared Grey, Sushi CEO
The products and services that can be developed with FVM represent new growth and value capture paths to leverage existing, emerging, or entirely new market opportunities worth trillions of dollars. Ultimately, FVM and the Filecoin network can support the development of a range of applications, markets, and organizations that will surpass existing centralized cloud service providers and their users in depth and breadth.
Investors are excited about this potential and have planned to allocate millions of dollars to help businesses in the Filecoin ecosystem take advantage of these market opportunities. For example, Longhash and Graph Paper Capital have launched an accelerator program focused on FVM.
FVM also hopes to unlock more opportunities for the network's storage providers, who have provided over 13 EiB of storage capacity to the network, making Filecoin the world's largest public storage network.
Since the mainnet launch, storage providers have stored over 21.6 EiB of customer data, locked 150 million FIL as collateral, and continue to earn block rewards and income from storage deal proposals.
From the launch of FVM, the decentralized financial services built by developers will make it easier for Filecoin's storage network to lend FIL to storage providers to help increase storage capacity and utilization.
FVM enables third-party DeFi solutions (such as FIL lending for storage providers) to provide support for growth and increased capacity and availability of the Filecoin storage network.
Key players in Web3 and other participants are using the Filecoin virtual machine for lending, perpetual storage, cross-chain, verification, and more.
FVM is transforming the way we interact with the web3 ecosystem, inspiring partnerships with noteworthy web3 projects: from FVM-based lending services to perpetual storage solutions, developer tools, DeFi, and cross-chain solutions, and more. Let's continue to explore in depth.
DeFi Lending Protocols
FVM allows developers to build new applications to help storage providers obtain FIL for collateral. Specifically, FIL token holders will soon be able to invest their FIL to help storage providers operate through smart contract-based protocols.
These protocols will have their own set of standards to select storage provider objects that need to borrow FIL and set different terms and requirements. Connecting Filecoin token holders with storage providers more efficiently can accelerate data growth on the network and make it more efficient for new storage providers to bring their services to the network.
Perpetual Storage and Data DAO
Before the launch of FVM, storage deal proposals were not perpetual and had to be renewed every 1.5 years. Now, FVM allows users to store data once and let repair and replication bots manage repetitive storage deal proposal creation tasks.
Using smart contracts, users can plan to fund permanent data storage with a wallet holding FIL and can choose services from different storage providers over time.
This allows users to have the ability for long-term storage (claimed by some blockchains as well), while also benefiting from Filecoin's verifiable storage proof mechanism to ensure that the network correctly stores and replicates their data.
Data DAOs can also utilize perpetual storage. By using an FVM actor contract to coordinate and manage data uploaded to the DAO, they can ensure compliance with certain standards to maintain a scalable and clean dataset.
FVM actor contracts can also be used to mint tokens and NFTs to distribute to members participating in the DAO, incentivizing their behavior. Combining perpetual storage and Data DAOs provides unlimited creative potential for distributed data management, payments, and governance. Ocean, NFT.Storage, and Waterlily are just a few examples of those using FVM to transform community governance storage use cases.
Through FVM, NFT.storage can use programmable smart contracts to automatically renew storage deals—a first step towards becoming the first DAO to save data on the global cultural industry chain!
Cross-Chain Solutions
The Filecoin virtual machine can integrate with leading web3 blockchains to achieve cross-chain communication (such as Polygon and Ethereum) and cross-chain liquidity (such as Celer and Axelar). This will provide powerful data capabilities to various blockchains.
For example, users of dapps on other chains can access and pay for Filecoin services (such as verifiable storage and distributed computing through smart contract calls, as well as implementing existing liquidity in the form of wrapped tokens).
"The integration of Axelar-Filecoin is the first use case of combining different attribute chains through interoperability. For example, DeFi on different blockchains will be able to combine with distributed storage, no matter what services they want to build." - Sergey Gorbunov, Co-founder of Axelar
FVM will support decentralized finance, providing services for the flow of value of FIL, other tokens, and fiat currencies on-chain and off-chain.
Through FVM, there will be new ways to trade using wallets such as Metamask and Glif, with corresponding support from mainstream trading platforms (such as Binance, Coinbase, and Kraken). You can trade other assets on-chain in a native way (including bridged versions of ETH, BTC, and other stablecoins) and implement on-chain native asset management strategies.
Users can use cross-chain decentralized exchanges (such as Squid), a range of automated market-making mechanisms (such as SushiSwap and FilSwap), and derivatives (such as Thetanauts) to find the lowest cost path and develop insurance and hedging strategies. Implement native asset management strategies.
DeSci, Video, Games, and More
The combination of smart contracts with content addressing and verifiable perpetual storage provides unlimited opportunities for distributed data management, payments, and governance. The release of FVM unlocks new paradigms for services such as video creation, streaming storage (such as Livepeer), social data preservation and portability, real-time games, and more.
"We are excited to provide more pathways for building and accessing the distributed internet through FVM on top of Brave's support for Filecoin and IPFS." - Brian Bondy, Co-founder and CTO of Brave
This is just the beginning. Web3 entrepreneurs now have the opportunity to unleash the potential of the open data economy worth trillions of dollars and rethink the business models of Web2.
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